2019 Q2 Form 10-Q Financial Statement

#000136656119000044 Filed on June 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $85.49M $36.32M
YoY Change 135.38% 63.33%
Cost Of Revenue $10.49M $7.323M
YoY Change 43.18% 62.84%
Gross Profit $45.71M $29.00M
YoY Change 57.64% 63.46%
Gross Profit Margin 53.47% 79.84%
Selling, General & Admin $46.35M $29.18M
YoY Change 58.84% 58.36%
% of Gross Profit 101.41% 100.64%
Research & Development $20.24M $12.84M
YoY Change 57.57% 97.36%
% of Gross Profit 44.28% 44.3%
Depreciation & Amortization $2.647M $1.488M
YoY Change 77.89% 100.27%
% of Gross Profit 5.79% 5.13%
Operating Expenses $66.59M $42.03M
YoY Change 58.45% 68.54%
Operating Profit -$20.88M -$13.03M
YoY Change 60.25% 81.05%
Interest Expense $1.037M -$1.300M
YoY Change -179.77% -10100.0%
% of Operating Profit
Other Income/Expense, Net -$112.0K
YoY Change
Pretax Income -$19.84M -$14.33M
YoY Change 38.48% 99.03%
Income Tax -$35.00K $0.00
% Of Pretax Income
Net Earnings -$19.81M -$14.33M
YoY Change 38.23% 99.47%
Net Earnings / Revenue -23.17% -39.46%
Basic Earnings Per Share
Diluted Earnings Per Share -$187.5K -$139.4K
COMMON SHARES
Basic Shares Outstanding 102.6M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $208.8M $49.70M
YoY Change 320.12%
Cash & Equivalents $208.8M $49.66M
Short-Term Investments
Other Short-Term Assets $6.400M $5.100M
YoY Change 25.49%
Inventory
Prepaid Expenses
Receivables $33.29M $18.19M
Other Receivables $0.00 $0.00
Total Short-Term Assets $248.5M $72.97M
YoY Change 240.56%
LONG-TERM ASSETS
Property, Plant & Equipment $23.26M $16.63M
YoY Change 39.83%
Goodwill $5.496M $445.0K
YoY Change 1135.06%
Intangibles $1.619M $1.420M
YoY Change 14.01%
Long-Term Investments
YoY Change
Other Assets $169.0K $3.262M
YoY Change -94.82%
Total Long-Term Assets $114.7M $42.07M
YoY Change 172.75%
TOTAL ASSETS
Total Short-Term Assets $248.5M $72.97M
Total Long-Term Assets $114.7M $42.07M
Total Assets $363.2M $115.0M
YoY Change 215.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.723M $2.911M
YoY Change 62.25%
Accrued Expenses $35.70M $15.70M
YoY Change 127.39%
Deferred Revenue $108.8M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.400M $2.900M
YoY Change 17.24%
Total Short-Term Liabilities $152.6M $87.74M
YoY Change 73.88%
LONG-TERM LIABILITIES
Long-Term Debt $2.000M $2.900M
YoY Change -31.03%
Other Long-Term Liabilities $1.003M $517.0K
YoY Change 94.0%
Total Long-Term Liabilities $1.003M $517.0K
YoY Change 94.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $152.6M $87.74M
Total Long-Term Liabilities $1.003M $517.0K
Total Liabilities $200.4M $93.90M
YoY Change 113.47%
SHAREHOLDERS EQUITY
Retained Earnings -$180.3M -$121.0M
YoY Change 49.08%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $162.8M -$91.55M
YoY Change
Total Liabilities & Shareholders Equity $363.2M $115.0M
YoY Change 215.76%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$19.81M -$14.33M
YoY Change 38.23% 99.47%
Depreciation, Depletion And Amortization $2.647M $1.488M
YoY Change 77.89% 100.27%
Cash From Operating Activities -$9.185M -$8.154M
YoY Change 12.64% 55.28%
INVESTING ACTIVITIES
Capital Expenditures $1.338M $497.0K
YoY Change 169.22% -61.89%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$2.891M -$810.0K
YoY Change 256.91% -131.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $6.055M -$92.00K
YoY Change -6681.52% -406.67%
NET CHANGE
Cash From Operating Activities -$9.185M -$8.154M
Cash From Investing Activities -$2.891M -$810.0K
Cash From Financing Activities $6.055M -$92.00K
Net Change In Cash -$6.044M -$9.081M
YoY Change -33.44% 247.53%
FREE CASH FLOW
Cash From Operating Activities -$9.185M -$8.154M
Capital Expenditures $1.338M $497.0K
Free Cash Flow -$10.52M -$8.651M
YoY Change 21.64% 31.98%

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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
9930000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
9789000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
7270000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12393000 USD
CY2019Q1 us-gaap Liabilities
Liabilities
141752000 USD
CY2019Q2 us-gaap Liabilities
Liabilities
200442000 USD
CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
308744000 USD
CY2019Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
363237000 USD
CY2019Q1 us-gaap Liabilities Current
LiabilitiesCurrent
136293000 USD
CY2019Q2 us-gaap Liabilities Current
LiabilitiesCurrent
152572000 USD
CY2018Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-92000 USD
CY2019Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6055000 USD
CY2018Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-810000 USD
CY2019Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2891000 USD
CY2018Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8154000 USD
CY2019Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-9185000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-14330000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-19809000 USD
CY2019Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
42026000 USD
CY2019Q2 us-gaap Operating Expenses
OperatingExpenses
66590000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
53994000 USD
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9423000 USD
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
44571000 USD
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
2167000 USD
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
51514000 USD
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.064
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y7M6D
CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6544000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-13030000 USD
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-20881000 USD
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
2731000 USD
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8186000 USD
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
67000 USD
CY2019Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
169000 USD
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0 USD
CY2019Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2928000 USD
CY2019Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1003000 USD
CY2018Q2 us-gaap Payments For Software
PaymentsForSoftware
313000 USD
CY2019Q2 us-gaap Payments For Software
PaymentsForSoftware
1553000 USD
CY2018Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1495000 USD
CY2019Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
12000 USD
CY2018Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
497000 USD
CY2019Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1338000 USD
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3922000 USD
CY2019Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6413000 USD
CY2018Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2162000 USD
CY2019Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4734000 USD
CY2018Q2 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
0 USD
CY2019Q2 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
2347000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22540000 USD
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
23256000 USD
CY2018Q2 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
759000 USD
CY2019Q2 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
1014000 USD
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12844000 USD
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
20238000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
36319000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
56194000 USD
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
105595000 shares
CY2018Q2 us-gaap Restricted Cash
RestrictedCash
2321000 USD
CY2019Q2 us-gaap Restricted Cash
RestrictedCash
862000 USD
CY2019Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
2620000 USD
CY2019Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
862000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-160518000 USD
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-180325000 USD
CY2019Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
113700000 USD
CY2019Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2019Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.98
CY2019Q2 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
486000 USD
CY2019Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2018Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
22384000 USD
CY2019Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
35413000 USD
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1842000 USD
CY2019Q2 us-gaap Share Based Compensation
ShareBasedCompensation
6296000 USD
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
127000 USD
CY2018Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1681000 USD
CY2019Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
9159000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
-80741000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
-91548000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
166992000 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
162795000 USD
CY2018Q1 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
112687000 USD
CY2018Q2 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
112687000 USD
CY2019Q1 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
0 USD
CY2019Q2 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
0 USD
CY2018Q1 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
67619377 shares
CY2018Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
67619377 shares
CY2019Q1 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0 shares
CY2019Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0 shares
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
403000 USD
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
21008000 shares
CY2019Q2 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:8px;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-style:italic;font-weight:bold;">Concentrations of risk and significant customers</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:0px;text-align:left;padding-left:0px;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;">Financial</font><font style="font-family:inherit;font-size:10pt;font-style:normal;font-weight:normal;"> </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-style:normal;font-weight:normal;">instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents, and accounts receivable. The Company maintains its cash accounts with financial institutions where deposits, at times, exceed the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) limits.</font></div></div>
CY2019Q2 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:8px;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-style:italic;font-weight:bold;">Use of estimates</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:0px;text-align:left;padding-left:0px;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;background-color:#ffffff;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. The Company bases its estimates on historical experience and on other assumptions that its management believes are reasonable under the circumstances. Actual results could differ from those estimates. The Company&#8217;s most significant estimates and judgments involve revenue recognition with respect to the allocation of transaction consideration for the Company&#8217;s offerings; determination of the amortization period for capitalized sales commission costs;</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">capitalization of internal-use software development costs; valuation of assets and liabilities acquired as part of business combinations; and incremental borrowing rate estimates for operating leases, among others.</font></div></div>

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